Convention On The Settlement Of Investment Disputes Between States And Nationals Of Other StatesInternational Centre For Settlement Of Investment Disputes Submitted to Governments by the Executive Directors of the International Bank for Reconstruction and Development, Submitted: March 18, 1965, WashingtonEntered into Force: October 14, 1966

Convention On The Settlement Of Investment Disputes Between States And Nationals Of Other StatesInternational Centre For Settlement Of Investment Disputes Submitted to Governments by the Executive Directors of the International Bank for Reconstruction and Development, Submitted: March 18, 1965, WashingtonEntered into Force: October 14, 1966

CHAPTER III - Conciliation

SECTION 3: Conciliation Proceedings

Article 34

1. It shall be the duty of the Commission to clarify the issues in dispute between the parties and to endeavor to bring about agreement between them upon mutually acceptable terms. To that end, the Commission may at any stage of the proceedings and from time to time recommend terms of settlement to the parties. The parties shall cooperate in good faith with the Commission in order to enable the Commission to carry out its functions, and shall give their most serious consideration to its recommendations.

If the parties reach agreement, the Commission shall draw up a report noting the issues in dispute and recording that the parties have reached agreement. If, at any stage of the proceedings, it appears to the Commission that there is no likelihood of agreement between the parties, it shall close the proceedings and shall draw up a report noting the

submission of the dispute and recording the failure of the parties to reach agreement. If one party fails to appear or participate in the proceedings, the Commission shall close the proceedings and shall draw up a report noting that party's failure to appear or participate.

started @The University of Tromsø, Norway, 1993
hosted by The University of Oslo, Norway, since 1998
in fellowship with The Institute of International Commercial Law,Pace University, White Plains, New York, U.S.A.